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Economics: Market structures and market strategies

September 20, 2015 0 Comment

You will apply important microeconomics concepts toward identifying competitive strategies that could help a firm competing in an industry that you will select to maximize the firm’s profits over the long run. You will evaluate the differences between four (4) market structures. Then, you will identify the market structure in which the industry you will select operates. You will identify competitive strategies that you believe would work in the industry’s market structure. You will assess how the market structure positively and negatively affects the firm and evaluate the efficacy of using the competitive strategies in that market structure. Complete the Differentiating Between Market Structures Table provided for you in the Appendix of this Syllabus. Compare the various characteristics of the four (4) market structures by completing the Table. Give a hard copy of the Table to your instructor at Workshop 3. Write a 750- to 1,050-word Paper that includes the following information. Give a hard copy of the Paper to your instructor at Workshop 3: • Select an industry. Identify a firm in that industry. • Identify the market structure in which that firm competes. Clearly indicate why the market structure was decided upon, and how this market structure differentiates from the other market structures. • Identify three or more competitive strategies that may be used by the firm to maximize its profits over the long run. Evaluate the efficacy of using these strategies in the market structure you have identified. • Make recommendations about these strategies in a manner intended to convince the firm’s management to use the strategies to maximize the firm’s profits. Format your paper consistent with APA guidelines

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